- Senior Citizen Schemes
- Key Features
- Need for Insurance
Government Health Insurance For Senior Citizens
In the country, the count of elderly people, who are 60 years old and older, is significantly high. As individuals get older, people become increasingly susceptible to health conditions. It is crucial for patients to access the opportunity for suitable medical care. Realizing the importance of complete medical insurance for the ageing population, the government of India has introduced various govt health insurance schemes for senior citizens, specifically customized for them. These govt medical insurance for senior citizen programs strive to offer economic security and guarantee that elderly individuals are able to pay for excellent health services without huge medical expenditures.
Government Health Scheme For Senior Citizens
There are various govt health insurance for senior citizens. The following are some of them:
Rashtriya Swasthya Bima Yojana (RSBY)
The Rashtriya Swasthya Bima Yojana, which is backed by government funding, is a health insurance scheme designed to offer cashless coverage to families below the poverty line and specific occupational categories. RSBY primarily aims to cover the BPL (Below Poverty Line) population but it also extends its benefits to senior citizens. Its key features include:
- Eligibility
The scheme covers senior citizens belonging to below-poverty-line families and certain defined occupational categories. - Coverage
RSBY provides cashless health insurance coverage for various medical treatments, including hospitalization and surgeries. - Sum Insured
The scheme provides coverage of Rs.30,000 annually on a family floater basis. - Smart Card
Empanelled hospitals accept smart cards issued to beneficiaries, allowing them to access cashless treatment. - Premium Payment
RSBY premiums are shared by both the central and state governments, with no premium contribution needed from beneficiaries.
Pradhan Mantri Jan Arogya Yojana
The National Health Protection Scheme, popularly known as Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana, is among the biggest health insurance schemes funded by the government. The target is to grant health coverage to more than 500 million vulnerable individuals and families across India. The scheme includes coverage for both hospitalization expenses and pre-hospitalization expenses. Its key features include:
- Eligibility
Under the Socio-Economic Caste Census (SECC) database, AB-PMJAY extends its coverage to vulnerable individuals and families. - Coverage
Coverage for over 1,500 medical procedures is offered by the scheme, including vital treatments like cardiac surgeries, cancer treatment, and organ transplants. - Sum Insured
Every year, families are granted up to 5 Lakhs coverage. - Cashless Treatment
Empanelled hospitals across the country offer cashless treatment for beneficiaries. - Portability
Treatment can be obtained by beneficiaries at any empanelled hospital in India, irrespective of their place of residence.
Senior Citizen Health Insurance Scheme (SCHIS)
The Senior Citizen Health Insurance Scheme is specifically tailored for senior citizens over the age of 60 who lack coverage from another health insurance scheme. Coverage for a diverse set of diseases and therapies is offered by SCHIS. Its key features include:
- Eligibility
The scheme is open to senior citizens without any existing health insurance coverage. - Coverage
Coverage under SCHIS includes a broad array of diseases and treatments, with immediate coverage for pre-existing conditions. - Sum Insured
Coverage up to Rs.5 lakh per individual can be extended to senior citizens. - Cashless Treatment
The scheme offers cashless treatment facilities in government and private hospitals. - Premium Payment
The central and state governments provide subsidies for the premium of SCHIS.
New India Assurance Senior Citizen Mediclaim Policy
Designed to provide coverage specifically for older adults in India, The New India Assurance’s Senior Citizen Mediclaim Policy is a specialized health insurance option. It is a standalone health insurance policy for senior citizens. Its key features include:
- Eligibility
Enrollment in this policy is open to individuals aged 60 and above. - Coverage
The policy offers coverage for expenses incurred during hospitalization, as well as those before and after it. - Sum Insured
The coverage amount ranges from Rs. 1 lakh to Rs. 1.5 lakh, depending on the chosen plan. - Ambulance Expenses
Up to a certain limit, the policy covers ambulance charges. - Pre-existing Diseases
The policy covers pre-existing diseases after a waiting period.
United India Senior Citizen Health Insurance Policy
The United India Senior Citizen Health Insurance policy is specifically designed to provide healthcare coverage for elderly individuals in India. Its key features include:
- Eligibility
This policy is open for enrollment to individuals aged between 61 and 80 years. - Coverage
Coverage under the policy extends to in-patient hospitalization expenses along with pre-hospitalization, post-hospitalisation costs, and domiciliary hospitalisation. - Sum Insured
The coverage amount ranges from Rs.1 lakh to Rs.10 lakhs. The price may vary depending on the selected plan. - Ambulance Expenses
The policy offers protection for ambulance expenses up to a specified cap. - Pre-existing Diseases
The policy covers pre-existing diseases after a waiting period.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The Life Insurance Corporation of India (LIC) manages the Pradhan Mantri Vaya Vandana Yojana, which is a pension scheme specifically for senior citizens. The scheme for pensions is not linked, not participating, and not unit-linked. Its key features include:
- Eligibility
The eligibility criteria for enrollment in the scheme include being aged 60 years and above. - Pension Benefits
The scheme guarantees a steady income through a pension for 10 years. The frequency of pension payments can be selected as monthly, quarterly, half-yearly, or annual. - Interest Rate
The annual return on PMVVY is fixed at 7.4%. - Pension Amount
The highest possible pension under this scheme is restricted to Rs. 1,25,000 per annum. - Death Benefit
Should the policyholder die, the nominee or legal heirs will be reimbursed for the purchase price.
Varishtha Pension Bima Yojana(VPBY)
The Government of India introduced the Varishtha Pension Bima Yojana (VPBY) as a retirement plan aimed at offering financial stability and consistent income to elderly individuals. The Life Insurance Corporation of India (LIC) provides the Varishtha Pension Bima Yojana as a pension plan exclusively for senior citizens. Its key features include:
- Eligibility
The scheme is open to individuals aged 60 years and over. No matter your age, you can enrol without any restrictions on the maximum age. - Premium Payment
To secure retirement benefits, the individual must invest a lump sum amount upfront. - Lock-in Period
The lock-in period for the Varishtha Pension Bima Yojana lasted for 15 years. The policyholder is prohibited from withdrawing the invested amount during this period. - Pension Benefits
During a time frame of 10 years, the scheme provides an insured pension income. - Interest Rate
Varishtha Pension Bima Yojana offers a guaranteed return on investment. - Loan Facility
Upon completion of three years of the policy, policyholders have the option to avail of a loan facility, which offers them financial liquidity during times of necessity.
Varistha Mediclaim Policy
The Varistha Mediclaim Policy is an exclusive health insurance policy created for elderly individuals in India. The purpose is to provide inclusive coverage and financial assurance for the healthcare expenditures of elderly individuals. Its key features include:
- Eligibility
Individuals aged 60 years and above can enrol in this policy. - Coverage
The policy offers protection for hospitalisation expenses, as well as costs before and after being hospitalised. - Sum Insured
The coverage amount varies from Rs. 1 lakh to Rs. 2 lakhs, depending on the chosen plan. - Ambulance Expenses
The policy has a maximum coverage amount for ambulance charges. - Pre-existing Diseases
The policy covers pre-existing diseases from day one.
Importance of Health Insurance For Senior Citizens
There are various reasons why one should opt for Health Insurance coverage in old age. The following are a few of the reasons:
- Financial Protection
As one ages, the probability of experiencing health complications grows. Senior citizens frequently require medical attention, regular check-ups, and treatment for chronic illnesses. Being covered by health insurance guarantees access to essential healthcare services without the need to shoulder the financial costs. Health insurance provides a safety net against unforeseen medical expenses and protects senior citizens’ savings from being depleted. - Access To High-Quality Healthcare
Reputed hospitals and healthcare providers offer quality healthcare services to senior citizens through health insurance. It guarantees that they obtain essential medical care and treatment promptly, with no delays caused by financial limitations. Cashless hospitalisation and reimbursement are additional features offered by health insurance, bringing convenience and peace of mind. - Comprehensive Coverage
The need for specialised treatments and medication arises in senior citizens due to age-related ailments. Health insurance plans tailored for senior citizens include coverage for a broad spectrum of diseases and medical conditions. By offering comprehensive coverage that encompasses hospitalisation expenses and pre and post-hospitalization costs, these plans aim to alleviate any financial stress for senior citizens seeking essential healthcare services. - Timely Medical Assistance
Health insurance coverage enables senior citizens to access timely medical intervention. Managing and treating ailments effectively relies heavily on regular check-ups, preventive screenings, and early diagnosis of health problems. Senior citizens are often encouraged to prioritize their health and avail of necessary medical services on time through provisions for preventive care in health insurance plans. - Peace of Mind
The presence of health insurance gives peace of mind to elderly individuals and their loved ones. Being assured of financial security and having reliable healthcare services contributes to a sense of safety. Elderly individuals can prioritize their health and fully embrace their retirement years without the burden of financial concerns related to medical expenses.
In a Nutshell
The well-being and quality healthcare provision for senior citizens in India have been effectively addressed through government health insurance schemes. The government medical scheme for senior citizens financial protection, comprehensive coverage, and timely medical intervention to enhance their overall quality of life. The exploration and enrollment in suitable health insurance schemes is crucial for senior citizens and their families to secure their health and finances during their golden years. A secure and healthy future awaits senior citizens who prioritize health insurance.
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Written By: Daina Mathew
Daina is a content writer with a profound grasp of Insurance, Stocks, and Business domains. Her extensive 3-year experience in the insurance industry equips her with a nuanced understanding of its intricacies. Her skills extend to crafting blogs, articles, social media copies, video scripts, and website content. Her ability to simplify complex insurance concepts into reader-friendly content makes her an expert in the domain.
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